LOAN CONVERSION

Hokitika Guardian, 31 December 1931, Page 5

LOAN CONVERSION

FIRST. MOVE IN BRITAIN. NATIONAL SAVINGS MOVEMENT. (British Official Wireless.) RUGBY, December 29. The Treasury announce that from January l&th, holders of savings certificates issued prior to April Ist, 1922, (the first i S’;tie of certificates at 15s, 6d) may convert the value of their certificates into one, or more of the following securities:—Nation;,' savings certificates, conversion ’ issue, 4] pe.r cent ; conversion loan 1910 to 1944, 4 per cent ; . National Savings Bond series B.

For the purpose of conversion, certificates of .ithe first issue which have not yet, reached ten years’ maturity, wjll bo treated as worth their present encashment value, plus one shilling bonus due on each fifteen shillings and sixpence certificate at ten years’ maturity. Thus, a certificate bought on March 31st, 1922, will be treated if converted by -January 31st, 1932 as worth 25s lOd. The National savings movement Inis dope a great work in promoting popular thrift. It has been so successful that the total number of f savings certificates sold from the first issue in February, 1916, to August this year, was one thousand and forty-eight millions fi'O hundred and seventy-five thousand, with a cash value of £824,470,000,

The amount remaining to the credit of investors in savings certificates on that date was about five hundred millions. 1 In was on April Ist, 1922, that the price of the certificates was raised by sixpence to sixteen shillings, with the maturity value remaining at twen.y shillings, and it is to those issued be fore that date that the present announcement applies.